Sona Nanotech Closes Private Placement Financing to Raise $750,000 in Gross Proceeds and Announces Additional Financing

Sona Nanotech Closes Private Placement Financing to Raise $750,000 in Gross Proceeds and Announces Additional Financing

Sona Nanotech Inc. (CSE: SONA) (OTCQB: SNANF) (the "Company" or "Sona") is pleased to announce that it has closed its private placement that was announced on October 18, 2023 with the issuance of 3,750,000 shares at $0.20 per share and 1,875,000 common share purchase warrants exercisable to purchase an additional common share of Sona at a price of $0.30 per share until November 24, 2025. (the "Financing"). Insiders subscribed for 175,000 common shares and 87,500 common share purchase warrants. As previously disclosed, Sona intends to use the net proceeds of the Financing for further research and development of its Targeted Hyperthermia TherapyTM ("THT"), as well as for general working capital purposes.

Numus Capital Corp. (the "Agent"), a registered Exempt Market Dealer, acted as exclusive agent for the Financing. In connection with the private placement, Sona paid the Agent cash commissions of $53,650 and 268,125 non-transferable share purchase warrants (the "Broker Warrants"). Each Broker Warrant entitles the holder to acquire one Share at an exercise price of $0.30 until November 24, 2025. The Agent is a related party to Sona, a director of Sona being indirectly a principal shareholder of the Agent, as well such director of Sona also being a director and officer of the Agent.

All securities issued pursuant to the Financing will be subject to a hold period until March 25, 2024.

Sona is also pleased to announce that it plans to raise an additional $60,000 through a non-brokered private placement (the "Additional Financing") of up to 300,000 units of Sona (each, a "Unit") at $0.20 per Unit (the "Offering Price"). Each Unit will consist of one common share of Sona and one-half (1/2) of a common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant will be exercisable to purchase one additional common share of Sona at a price of $0.30 per share for a period of 24 months from the closing date of the Additional Financing (the "Closing Date"), which is expected to occur on December 1, 2023.

The Agent will also act as the exclusive agent for the Additional Financing. As compensation for its services, the Agent will receive cash compensation equal to 7.5% of the gross proceeds of the Additional Financing. The Agent will also receive non-transferable common share purchase warrants (the "Broker Warrants") which will entitle the Agent to acquire such number of common shares as is equal to 7.5% of the number of Units placed by the Agent. The Broker Warrants will be exercisable at a price of $0.30 per share any time for a period of 24 months from the Closing Date.

Sona also intends to use the net proceeds of the Additional Financing for general working capital purposes.

Completion of the Additional Financing is subject to the satisfaction of certain conditions, and all securities issued pursuant to the Additional Financing will be subject to a hold-period of four months and a day commencing from the Closing Date.

Contact:
David Regan, CEO
+1-902-536-1932
david@sonanano.com

About Sona Nanotech Inc.
Sona Nanotech, a nanotechnology life sciences company, is developing Targeted Hyperthermia™, a photothermal cancer therapy, which uses therapeutic heat to treat solid cancer tumors. The heat is delivered to tumors by infrared light that is absorbed by Sona's gold nanorods in the tumor and re-emitted as heat. Therapeutic heat (41-48°C) stimulates the immune system, shrinks tumors, inactivates cancer stem cells, and increases tumor perfusion - thus enabling drugs to reach all tumor compartments more effectively. The size, shape, and surface chemistry of the nanorods target the leaky vasculature of solid tumors, and the selective thermal sensitivity of tumor tissue enables the therapy to deliver clean margins. Targeted Hyperthermia promises to be safe, effective, minimally invasive, competitive in cost, and a valuable adjunct to drug therapy and other cancer treatments. Sona's initial clinical target is colorectal cancer.

Sona has developed multiple proprietary methods for the manufacture of gold nanoparticles which it uses for the development of both cancer therapies and diagnostic testing platforms. Sona Nanotech's gold nanorod particles are cetyltrimethylammonium ("CTAB") free, eliminating the toxicity risks associated with the use of other gold nanorod technologies in medical applications. It is expected that Sona's gold nanotechnologies may be adapted for use in applications, as a safe and effective delivery system for multiple medical treatments, subject to the approval of various regulatory boards, including Health Canada and the FDA.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain "forward-looking statements" under applicable Canadian securities legislation, including statements regarding the anticipated applications of Targeted Hyperthermia Therapy, Sona's preclinical study plans, the potential impact of the planned studies and its product development plans. Forward-looking statements are necessarily based upon a number of assumptions or estimates that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements, including the risk that Sona may not be able to successfully obtain sufficient clinical and other data to submit regulatory submissions, raise sufficient additional capital or develop the envisioned therapy, and the risk that THT may not prove to have the benefits currently anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Sona disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188760

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Sona Nanotech Announces Director Retirement

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"Mike has been a valuable member of Sona's Board, and we wish him great success in his future endeavours," stated Mark Lievonen, Chair of Sona.

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Sona CEO, David Regan, commented, "Earlier this year, Sona developed a plan to secure the FDA Investigational Device Exemption necessary to permit human trials for our THT therapy, which is the strategic priority for the Company. Thanks to our purpose-built, strengthened team, Sona has made significant advancements towards this goal and has reduced the number of 'unknowns' in our development program by working with leading, experienced advisors and partners. With these accomplishments, including the completion of a prototype of our next generation THT light device by Minnetronix Medical and the securing of a THT efficacy study in murine breast, melanoma and colorectal models, we now look forward to reporting back in the coming months on study results, preclinical and manufacturing partner selections, and regulatory updates. All of these deliverables will advance our mission to develop a treatment therapy for colorectal cancer sufferers with less collateral damage than happens under the current standard of care."

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The study posits that the combined utilization of Sona's gold nanorods via its Targeted Hyperthermia Therapy, alongside precise immune modulation, will result in elevated immune activation and anti-tumor responses within the mouse models of colorectal cancer, breast cancer, and melanoma.

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The work to be completed by EXCITE, which is a not-for-profit entity made up of a global network of senior medical practitioners and payors, will include an Early Technology Review and multiple panel discussions to be facilitated among content area experts to gain feedback on Sona's proposed therapy and commercialization strategy. The EXCITE panel is expected to be made up of senior medical practitioners from top-tier hospitals and universities in the US and Canada.

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Lake Resources NL  Presenting at the Bell Potter Unearthed Natural Resources Conference

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Sydney, Australia (ABN Newswire) - Lake Resources (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF), the responsible lithium developer, announces that management will present at the Bell Potter Unearthed Natural Resources Conference, a virtual event which began on 12 February and will continue through 15 February, from 9:00 a.m. to 6 p.m. AEDT.

Lake CEO, David Dickson will present to investors on 14 February at 9:50 a.m. AEDT.

Dickson will discuss challenges and opportunities within the lithium sector as well as provide an update on the strategic delivery of Lake's Flagship Kachi project located in the heart of Argentina's Lithium Triangle.

The presentation will be available on the Lake Resources website.

Lake also wishes to congratulate its technology and Kachi project partner, Lilac Solutions, for its successful Series C capital raise to support the continued scaling up of proven technology.

Lilac raised US$145m with support from Mercuria, Lowercarbon Capital, Breakthrough Energy Ventures, Engine Ventures, T. Rowe Price, Sumitomo, Emerson Collective, Mitsubishi and The Nature Conservatory.

For more information or to register to attend the virtual conference, visit:
https://www.abnnewswire.net/lnk/160Q17E0

To view the Presentation, please visit:
https://www.abnnewswire.net/lnk/F7HDJ8UZ



About Lake Resources NL:

Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.

This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.



Source:
Lake Resources NL

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Klimat X Announces Joint Venture Agreement Terms with Imperative Global Projects for Yucatan Mangrove Project

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KLIMAT X Developments Inc. Logo (CNW Group/KLIMAT X Developments Inc.)

Klimat X Developments Inc. ("Klimat X" or the "Company") (TSXV: KLX) (FSE: Q1C) is a leading provider of high-quality technology-enabled carbon credits sourced exclusively from conservation and reforestation carbon projects developed and owned by the Company and its stakeholders, is pleased to announce it has signed a binding Heads of Agreement with Imperative Global Projects Pte Ltd ( Imperative ) to jointly develop the large-scale mangrove restoration project in the State of Yucatan, Mexico secured and previously announced by Klimat X.

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Lake Resources NL  JORC Update

Lake Resources NL JORC Update

Sydney, Australia (ABN Newswire) - Clean lithium developer Lake Resources N.L. (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) reports that drilling completed at the Kachi Lithium Brine Project ("Kachi" or the "Project") in Catamarca Province, Argentina continues to intercept lithium bearing brine in sand units favourable to extraction over thick intervals in the southern portion of central resource area.

The K25D44 drillhole (Figure 1* and Figure 2*) was not completed in time to be incorporated into the Project's Definitive Feasibility Study (DFS) for Phase One, released in December 2023. However, the results from the drillhole confirm the presence of higher-grade lithium brine south of the central resource area to a depth of more than 600 m. The results further support the positive hydrogeological modelling results that were the basis for the Project Ore Reserve and Definitive Feasibility Study (DFS) submitted in December 2023. The DFS highlights include:

- Total resource is estimated at 10.6 Mt LCE, a globally significant resource.

- 25-year life of mine (LoM) supported by maiden Ore Reserve statement.

- Phase One targets a production of 25,000 tonnes per annum (tpa) over the LoM to meet the growing demand and specifications of the battery market.

- The 25,000 tpa operation recovers only a small fraction of the Measured and Indicated Resource, which allows Lake to study further expansions.

- DLE process tailored to mitigate impact on the local community with minimal disruption to land, freshwater table, and water usage.

- The Project targets production of consistent battery grade lithium carbonate (>99.5% purity) at site without the need for further refining or processing.

- Kachi is targeting first lithium in 2027 with ramp-up to full capacity by the end of 2028, which is forecast to coincide with the start of a prolonged period of structural deficit for battery grade lithium chemicals.

Drillhole results prove the continuity of higher-grade lithium brines, south of the Phase One DFS extraction wellfield design and across a northwest-southeast trending fault that is interpreted to create the escarpment south of the field. The relatively high lithium and favourable geologic materials grades beyond the planned DFS wellfield highlight continued favourable results for a higher capacity wellfield.

"The latest drilling intercept further demonstrates the vertical continuity of the lithium bearing brine to more than 600 metres in clean, fine and medium grained sands conducive to high productive extraction wells." commented Michael Gabora, Director of Geology and Hydrogeology of Lake Resources. He continued, "With an average of 257 mg/L through the production zones, the K25D44 hole continues the trend of intercepting lithium grades that are significantly higher than the 205 mg/L design basis of the DFS".

Continuation of Higher-Grade Lithium Resource Intercepts to the South

The principal objectives of the K25D44 (K25 Platform) drillhole were to:

1) Test the continuity of the lithium resource to the south, outside of the footprint of the salar;

2) Expand the Measured Resource to the south and potentially connect the Measured Resource to previous positive lithium intercepts at K21 (Figure 1*);

3) Complete additional sampling and analysis of the deeper portion of the unconsolidated deposits from about 400 m to more than 600 m depth; and,

4) Validate lithium concentrations used in the area of K25 in the Ore Reserve analysis completed with the calibrated hydrogeologic model.

K25D44 was drilled about 2.25 kilometres southwest of K16D28 (K16 Platform; Figure 1*) and has an average lithium grade of 219 mg/L from 19 samples collected between 40 and 622 m below ground surface (bgs) (Table 1*). All but two samples were collected with single packer configurations generally with a test interval of about 10 to 15 m, although this varied depending on hole conditions. Standard operating procedures are followed with significant development of the test interval, at least 3 borehole volumes (measured from surface to hole bottom), and sampling only occurs once brine is clear and field chemistry parameters are stable and indicative of reservoir fluids.

A standpipe piezometer was installed and screened between 418 to 430 m below ground surface and was developed and sampled via airlifting. Results for the airlift sample are consistent with the packer testing within the same interval, with 275 mg/L measured by SGS and 248 mg/L measured by Alex Stewart laboratory, for an average of 261 mg/L compared to 263.5 mg/L for a packer collected sample from 424 to 430 m below ground surface (see Table 1*).

The fine to medium-grained sand (Figure 3* and Figure 4*) and low frequency of fine-grained layers within the planned production horizons (i.e., approximately 200 m to 600 m) are consistent with drillholes in the central resource area and both stratigraphy and general chemistry support the continuity of the lithium brine resource throughout the southern portion of the field.

As has been observed in the other greater than 600 m deep drillholes completed to-date, the lithium brine continues to a depth of more than 600 m. Lithium concentrations deeper than 400 m averaged more than 250 mg/L, far exceeding the design basis for the DFS (205 mg/L).

The modelled lithium concentration in the Project Ore Reserve8 at K25 was 268 mg/L (200 m to 600 m) within the production horizon. The weighted average of the laboratory results through the same interval (215 m to 622 m) is 271.7 mg/L. This indicates that the modelled values are representative, if not slightly conservative, relative to the measured data in the field at this location. The results of the comparison further build confidence in the lithium resource model used as the basis for lithium distributions within the hydrogeological model and Ore Reserve modelling.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/UOL27931



About Lake Resources NL:

Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.

This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.



Source:
Lake Resources NL

News Provided by ABN Newswire via QuoteMedia

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Blockmate Investor Briefing Replay

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The briefing included presentations from CEO Justin Rosenberg and Chairman Domenic Carosa, outlining plans for Hivello after it successfully closed a USD $2.5 million fundraising round.

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RecycLiCo Battery Materials Announces Zarko Meseldzija resigns from the Board of Directors

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